BREAKING NEWS – 05.08.2024

In the press release dated August 2nd, 2024, Intred SpA, a telecommunications operator listed on the Euronext Growth Milan market, announced that its revenue as of June 30th, 2024, unaudited and including the revenues generated by its subsidiary Connecting Italia Srl, acquired on April 3rd, 2024, amounts to over € 27.50 million, marking an increase of 12.1% compared to the same period of the previous year. Intred’s revenue stands at € 25.90 million, with a growth of 5.6% compared to the previous year, while the revenue of Connecting Italia Srl, acquired through a merger this year, is € 1.60 million. The civil effects of the merger will be realized within the year, while the accounting and tax effects will be retroactive to January 1st, 2024. The increase in total revenue was mainly driven by sales of fiber optic connections, amounting to € 16.80 million, with an increase of 13.3% compared to the same period last year. Recurring services, the core business of the Company, which represent over 87.0% of the revenue, reached € 24.10 million with a growth of 14.1%.  Geographically, the most significant growths, in absolute terms, were recorded in the provinces of Milan, Bergamo, Mantua, Varese, Como, Monza, and Lecco. Thanks to the School Tenders, Intred is energetically supporting the expansion of sales in all the provinces of Lombardy, with a particular focus on the local Public Administration and the professional sector. Regarding the type of clientele, the highest growth came from sales to the Public Administration, with an increase of 4.5%, amounting to € 5.30 million. Excellent results were also seen in the professional sector, which grew by 18.3% to € 15.40 million, and in the wholesale sector, which increased by 11.9%, reaching € 2.10 million. The churn rate on revenue remains at excellent levels and stands at 4.6%, confirming the high level of customer loyalty towards the Company. Regarding the School Tenders, over 3,900 schools have been activated out of a total of about 5,000, for total revenue in the first half of 2024 amounting to € 4.40 million. The proprietary fiber optic network grew by 10.1%, from over 11,700 km at the end of 2023 to nearly 13,000 km as of June 30th, 2024. The achievement of these results demonstrates that the Group is in an advanced and satisfactory phase in reaching the objectives set out in its development plan. This strengthens our positive view of the stock. While we await a detailed evaluation of the half-year results with management, we confirm our recommendation: Target Price € 20.50, Rating BUY, and Risk MEDIUM.

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